Stock market rebound as investors gain N69bn

The Nigerian stock market rebounded after previous day’s pullback as investors’ profit rose by N69bn.

The All Share Index grew by 127.29 absolute points, representing a gain of 0.23 per cent to close at 54,427.05 points.

Accordingly, investors gained N69bn in value as market capitalisation went up to N29.645tn.

The appreciation was impacted by gains recorded in medium and large capitalised stocks including Dangote Cement, Zenith Bank, Africa Prudential, International Energy Insurance, and Fidelity Bank.

However, market breadth closed negative as 11 stocks posted gains while 23 declined.

Tripple Gee & Company recorded the highest price gain of 9.52 per cent to close at N1.15, per share.

International Energy Insurance followed with a gain of 9.40 per cent to close at N1.28, while Japaul Gold & Ventures up by 3.45 per cent to close at N0.30 kobo, per share.

AXA Mansard Insurance grew by 2.50 per cent to close at N2.05, while Africa Prudential appreciated by 2.46 per cent to close at N6.25, per share.

On the other hand, Trans-Nationwide Express led the losers’ chart by 9.76 per cent to close at 74 kobo, per share. Transnational Corporation of Nigeria followed with a decline of 7.35 per cent to close at N1.26, while Courteville Business Solutions went down by N6.00 to close at 47 kobo, per share.

Prestige Assurance lost 4.76 per cent to close at 40 kobo, while UPDC Real Estate Investment Trust shed 4.41 per cent to close at N3.25, per share.

The total volume traded decreased by 24.22 per cent to 151.583m shares, worth N1.811bn, and traded in 2,974 deals. Transactions in the shares of Universal Insurance topped the activity chart with 20.036m shares valued at N4.007m.

Transcorp followed with 18.685m shares worth N24.620m, while Guaranty Trust Holding Company traded 17.029m shares valued at N427.738m.

Sterling Bank traded 15.625m shares valued at N23.903m, while United Bank for Africa transacted 7.739m shares worth N64.689bn.